Twelve major banks reported
their wills this year, but it could be months before
regulators decide whether the plans are acceptable.

Some of them are more detailed than others. As
the Financial Times' Barney Jopson and Ben McLannahan note,
JPMorgan Chase, Bank of America, and Wells Fargo all expected to
survive a crisis, albeit with stripped-down businesses, while
Citigroup, Morgan Stanley, and Goldman Sachs would essentially
"cease to exist."

That's a pretty unimaginable scenario for a Wall Street king like
Goldman Sachs. It's so unbelievable, in fact, that we wonder
whether the bank execs believe it could happen either.

During bankruptcy proceedings, Goldman Sachs would sell off
and wind down assets in an "orderly manner."

"At the conclusion of the resolution of GS Group, the firm
would have sold or unwound all of its assets, and third-party
creditors of our material entities, other than parent-company
stakeholders, would have been repaid in full."